We primarily acquire shares of our common stock by repurchases in the open market. We also acquire shares that are surrendered by employees in payment for the statutory withholding taxes due on the vesting of restricted stock units and the settlement of deferred stock units, otherwise referred to herein as employee surrenders. We issue shares of treasury stock upon the vesting of certain restricted stock units and upon the exercise of certain stock options. The number of shares of treasury stock issued during the three and nine months ended September 30, 2026 and 2025, was not material. We have recognized approximately $— and $3.9 million in accrued liabilities related to the timing of settlements for share repurchases as of September 30, 2026 and December 31, 2025, respectively.

The cost of treasury stock includes a 1% excise tax on the value of shares repurchased in the open market, net of a reduction for eligible stock issuances, which is included in the cost of treasury stock acquired in open market repurchases. During the nine months ended September 30, 2026 and 2025, we incurred applicable excise taxes of $5.4 million and $7.2 million, respectively, and paid excise tax, net of refunds, during the nine months ended September 30, 2026 and 2025, of $6.8 million and $8.4 million, respectively.

The following table is a summary of our open market common stock repurchases, reported on a trade date basis, and shares acquired through employee surrenders:


(in thousands, except per share amounts)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025

Shares repurchased in the open market	199		411		1,369		2,055
Shares acquired through employee surrenders for statutory tax withholding	—		—		17		16
Total shares repurchased	199		411		1,386		2,071

Cost of shares repurchased in the open market	$	111,819	$	241,568	$	804,698	$	978,313
Cost of shares for employee surrenders	150		85		11,003		7,179
Total cost of shares	$	111,969	$	241,653	$	815,701	$	985,492

Average cost per share - open market repurchases	$	563.04	$	587.50	$	588.14	$	475.92
Average cost per share - employee surrenders	$	545.16	$	647.08	$	626.05	$	454.46
Average cost per share - total	$	563.01	$	587.52	$	588.62	$	475.76